StandardAero Signs General Terms Agreement with AviLease for LEAP and CFM56-7B MRO Services
StandardAero (NYSE:SARO), a leading independent pure-play provider of aerospace engine aftermarket services including engine maintenance, repair and overhaul (MRO) and engine component repair, has signed a General Terms Agreement (GTA) with global aircraft lessor AviLease. This GTA paves the way for StandardAero to provide AviLease with MRO services for the CFM International LEAP-1A/LEAP-1B and CFM International CFM56-7B in support of its global leasing activities.
Headquartered in Saudi Arabia and backed by the long-term capital of its visionary shareholder PIF, AviLease aims to become a top 10 global player in aircraft leasing. As dynamic capital allocators, AviLease owns and manages a portfolio of 200 predominantly new-technology, fuel-efficient aircraft on long-term lease to 53 airline customers. With a seasoned global team of 95 professionals across five offices, AviLease serves as a national champion in aircraft leasing and plays a pivotal role in Saudi Arabia's Vision 2030 and National Aviation Strategy.
Commenting on the announcement for StandardAero, Olivier Ruffet, Vice President Sales - EMEA, said: "StandardAero is delighted to establish a relationship with AviLease through this new agreement, which will enable our teams of LEAP and CFM56 engine MRO experts to provide responsive support to AviLease and its airline customers. We look forward to supporting AviLease with high quality engine services as it continues its dynamic growth journey over the coming years."
StandardAero provides support for the next-generation CFM International LEAP-1A and LEAP-1B engine family from its 810,000 sq. ft. facility in San Antonio, TX, as a CFM LEAP Premier MRO provider, having signed the first non-airline CFM Branded Service Agreement (CBSA) in the Americas for the LEAP-1A and LEAP-1B in March 2023.
In addition to establishing MRO capability for the LEAP-1A and LEAP-1B at its San Antonio facility, StandardAero is also industrializing new engine component repairs for the LEAP family through its Component Repair Services (CRS) team's network of locations, and its Repair Development Center of Excellence. To date, StandardAero's CRS team has industrialized more than 475 component repairs for the LEAP-1A and LEAP-1B. StandardAero also continues to grow its team of LEAP technicians through its in-house Aviation Mechanic Training Program, located at its San Antonio site's Training Academy.
StandardAero is also a CFM International authorized CFM56-7B MRO provider, having supported the global CFM56-7B operator community with a comprehensive range of MRO services from its Winnipeg location since 2010. StandardAero now also provides CFM56-7B MRO support from its DFW International Airport, TX location, which is seeing strong demand from Boeing 737NG operators and asset owners. These newly introduced capabilities offer operators the confidence and convenience of a second CFM56-7B engine line, enabling StandardAero to accommodate the MRO requirements of its customers around the world while also providing the assurance of test cell capability redundancy.
The company provides an extensive range of additional services for the CFM56 family, including component repair and overhaul capabilities; engine, module and used serviceable material (USM) asset management support; and engine health monitoring (EHM) data analysis services.
CFM International, the 50/50 joint company between GE Aerospace and Safran Aircraft Engines founded in 1974, has redefined international cooperation and helped change the course of commercial aviation. Today, CFM is the world's leading supplier of commercial aircraft engines with a product line that sets the industry standard for efficiency, reliability, durability, and optimized cost of ownership for narrowbody aircraft. The company produces the LEAP and CFM56 families of engines, and supports LEAP and CFM56 fleets for more than 600 operators worldwide.
StandardAero is a leading independent pure-play provider of aerospace engine aftermarket services for fixed- and rotary-wing aircraft, serving the commercial, military and business aviation end markets. StandardAero provides a comprehensive suite of critical, value-added aftermarket solutions, including engine maintenance, repair and overhaul, engine component repair, on-wing and field service support, asset management and engineering solutions. StandardAero is an NYSE listed company under the ticker symbol SARO. For more information about StandardAero, go to www.standardaero.com.
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Media Contact:
Jake Saylor, VP Marketing & Communications
+1 602-209-1029
Jake.saylor@standardaero.com
Investor Contact:
Rama Bondada, VP Investor Relations
+1 480-377-3196
Rama.bondada@standardaero.com